Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Ken asks…

Foreclosures??

If you want to buy a foreclosure do you have to pay the whole price of the foreclosure instantly or could you mortgage???

Your Questions About Foreclosures

The Expert answers:

The way I did it was to offer an amount that I wanted to pay, then finance whatever I didn’t want to put down… I only put down 3% The rest I financed…

Your Questions About Foreclosures

Ruth asks…

foreclosures?

if you or someone you know can do a refinancing for someone who has been in a past foreclosure,and did a chapter 13 and it was later dismissed and a foreclosure could be on it’s way again.by the way there is income and equity in the home.send an email or website please.

Your Questions About Foreclosures

The Expert answers:

Hi – call me or better yet – send me a IM or e-mail and I will contact you. Let me know the best time to call. Thank you, Wanda

Your Questions About Foreclosures

David asks…

Foreclosures?

why are houses that are on the market for foreclosure so cheap? is there something particularly wrong with them? also if i found a foreclosured house on yahoo real estate in my area that i was interested in, how do i contact the agent without having to pay online to sign up? is there a way to just find out how long the house will be on the market and if it has been sold yet?

Your Questions About Foreclosures

The Expert answers:

Many foreclosed properties are offered cheap, but that is because they have serious problems.

When a home owner knows they are going into foreclosure, they stop doing maintenance on the property. In fact, when it gets time for them to be evicted, they often get angry at the bank for foreclosing, and will damage the house – take the A/C units, put holes in the wall, even take the sinks and light fixtures. Not all of course, but this is typical.

Then there is a period of time of 4-18 months while the legalities are taken care of before the lender puts it up for sale. During this time the property is vacant, and typically vandals break in, do more dmamage, take more things, spray paint the walls. No one is around so when the roof leaks or a pipe bursts there is water damage that goes undetected for 3 months. So by the time it is ready to be sold, the house that should be worth $200,000 is going to need $30,000 of repair/rehabbing to make it habitable again. Since it is tough, and expensive to wait the weeks or months to get the repairs done, most people can’t handle a project like this.

So an investor will buy a foreclosed property like this for $110,000, put $30,000 into repairs, plus have other costs of about $10,000, then have a nice new, ready to sell or rent $200,000 property they have $60,000 equity.

A lot of people are eager for the wave of foreclosures that are starting to hit, expecting to get cheap houses. Most have no idea what the problems the great majority of these properties have, and the work that needs to be done.

They are extremely profitable, if you knwo what you are doing.

Your Questions About Foreclosures

Mark asks…

foreclosures?

i live in a suburb of minneapolis in a town of 7500 there are 190 propertys bank owned or heading into foreclosure. people are not putting lites this holiday season. my neighbor is a sales person for a car dealership and his sales are dismal at best. my question is are we living in hard times?

Your Questions About Foreclosures

The Expert answers:

In actuality No.
However that does NOT sell media.
Media lives on peoples negatives and desire to see ‘train wrecks’.
The sub prime fiasco affect less than seven 7% of all mortgages.
These were bad rip off loans to folks who couldn’t or shouldn’t purchase houses.
The medias ‘the sky is falling’ approach poisions the rest of our thinking.
Hard times were the ‘depression’.

Your Questions About Foreclosures

Laura asks…

foreclosures?

When you see a foreclosure price on the list, is that the final price you pay when you buy it? or what else is hidden?

Your Questions About Foreclosures

The Expert answers:

I don’t know what list you are looking at. I subscribe to a local listing of what is about to be sold on the courthouse steps as foreclosures. On that list it simply shows how much is owed on the lien that is being foreclosed. It doesn’t show how much is owed on back taxes or on any other liens. If you bought one of these on the courthouse steps you might end up with some tax liens that did not clear in the foreclosure.

Now once the house has been sold on the courthouse steps (usually to the mortgage company) the title is cleared and a minimum amount of work is done then the house is listed in the MLS. This is what most people call a foreclosure. They can be negotiated, they usually refuse to make any repairs as a condition of sale but do allow you to inspect them.

HUD and VA take their houses back in much the same way and list theirs in the MLS also. Sometimes they sell for more than the listed price and sometimes they sell for less. They often sell for more than I think the house is worth.

Anytime you buy a house there are closing costs to clear the title and also to create a new loan if you want one. Your mortgage company can estimate the costs for you. No one will require you to get an inspection. You would be a fool not to get one.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures